This is why Wall Street banks aren't scared of the robot army coming to destroy them

Robo-advisers would like
to become banks' overlords. Banks say that's not likely.AP

If big banks’ top wealth managers are worried about the coming
wave of robo-advisers, they’re not showing it.

“I don’t believe, at the end of the day, that [robo-advisers] are
going to capture the high net worth audience. Advice, to me, is
still the premium,” said David Satler, COO with Barclays
wealth and investment management group.

Satler spoke at SourceMedia’s In|Vest event in midtown Manhattan
Friday, where he was joined by senior wealth management
executives from Citigroup and Merrill Lynch.

Oner person who agreed with Satler was Steffen
Binder, co-founder of MyPrivateBanking
research.

Binder said that robo-advisers take up a small portion of
the wealth management market ("something like 0.1% of assets from
investors worldwide") and that the
robo-advisor business is easliy attacked by
incumbants.